FX.co ★ EURJPY should re-trace lower before rallying further. Book profits on longs

Technical outlook and chart setups:

As depicted here, the price have rallied beyond 130.00 earlier, before re-tracing to 1.2980, at the moment. It looks like a retracement is due towards 1.2850/1.29, at least, before any further rally higher. Furthermore, it is still possible for the price to print lower lows till the time it does not break the sloping downtrend line shown here. Hence, it is recommended to book profits on long positions and remain flat for now. Intermediary support is at 128.00, followed by 125.50; while resistance is at 132.00/50, followed by 133.80/134.00 respectively. It needs to be seen how the price reacts towards 128.50/129.00 retracement; before initiating long positions again.

Trading recommendations:

Book profits on long positions. Flat for now.

Good luck!